RS

MEMBER DIARY

Economic Growth Slows

Economic growth “slowed to a 2.4 percent pace” in the second quarter, the “most sluggish showing in nearly a year and too weak to drive down unemployment,” the AP reports this morning . Today’s report also includes revisions showing the “economy shrank 2.6 percent last year – the steepest drop since 1946.” The AP writes:

That’s worse than the 2.4 percent decline originally estimated. The economy’s plunge underscores why the unemployment rate surged to 10.1 percent in October, a 26-year high.

…

Consumer confidence is tumbling. The unemployed face fierce competition to find work. Those with jobs are seeing scant wage gains. Home values – often Americans’ single-biggest asset – are weak.

Writing for Bloomberg today , former CBO Director Douglas Holtz-Eakin and Michael Ramlet, coordinator of Operation Healthcare Choice, expose the Congressman Ellsworth supported Obama-Pelosi health care bill for what it is – a job-killing mandate on America’s small businesses which Dan Coats has consistentlypointedout on the campaigntrail . They write:

The new health-care law is a threat to the health of small businesses. Its heavy dosage of mandates and penalties will be a financial burden, and the law is riddled with hidden barriers to stronger job growth.

…

Sadly, the new health-care law is an assault on small business, beginning with the 3.8 percent Medicare tax on net investment income — a direct tax on many business owners. Of even greater concern is the law’s most celebrated feature — the mandate to cover full-time employees with health insurance. For businesses with more than 50 workers, this means paying a penalty if any full-time workers receive subsidized coverage.

In case you missed it yesterday, Dan released a statement signaling his support for Arizona’s appeal of a misguided U.S. District Court injunction against parts of their anti-illegal immigration bill. You can read the full release here .

Pawlenty Endorses

This morning, Minnesota Governor Tim Pawlenty endorsed Dan’s campaign for U.S. Senate by saying, “Americans know government spending is out of control. This fall, voters will send a message that we’ve had enough. Each of these candidates will fight to hold the line on taxes and cut spending – I’m proud to endorse them.”

[Disclosure: Pete Seat is the press secretary for the Coats for Senate campaign.]